Deals
CNPC, CNOOC Weigh Deal for Exxon’s Iraq Oil Field Stake
- Exxon’s stake in West Qurna 1 field is worth at least $500m
- Rising instability in the region add risks to deal talks
A stake sale would mark Exxon’s exit of West Qurna 1 field.
Photographer: Muhannad Fala'ah/Getty Images
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China’s oil giants China National Petroleum Corp. and CNOOC Ltd. are considering acquiring Exxon Mobil Corp.’s remaining stake in an oil field in Iraq, which could fetch at least $500 million, according to people familiar with the matter.
A deal would mark Exxon’s exit from the project and a further retreat from Iraq by international oil majors, following Royal Dutch Shell Plc’s departure from the giant Majnoon field three years ago. Tough contractual terms, payment delays and political instability have dulled the appeal of what had once been the Middle East’s glittering oil prize.